The increased economic power of the United States and their enormous golden reserves are the main reasons used by economists to explain why the Bretton Woods conference of 1944 put the dollar in the centre of a new international financial system. However, it is not clear if these conditions were sufficient for the introduction of a gold (de facto dollar) standard and excluded any other type of international financial order. The study of historical data reveals an effective diplomatic maneuver conducted by the U.S. administration with an aim to prevent a global transit to fiat money, to keep the importance of gold and to build a strictly hierarchical international financial system.
The main purpose of the study is to assess the level of financial capability of Russians by using the methodology of cross country comparison developed by the Russia Financial Literacy and Education Trust Fund. The paper gives a brief description of the methodology of financial literacy and financial capability measurements, as well as the results of the survey in Russia. From the analysis of the survey data, it is concluded that the weak areas of the financial capability of Russians concern issues related to planning of expenses and keeping these plans completed, creating reserves to pay for major planned or unexpected expenditures, lack of control over money spent using written records of incomes and expenses, developing regular saving habits, and lengthening time horizons.
Yakovlev Andrei, Freinkman Lev, Zolotov Anton
The paper analyzes the current state and performance of Russia’s think tanks operating in the area of economic analysis. It identifies the main stages of development of this sector, which is new for the country, and the factors shaping its key characteristics. It is argued that overall economic think tanks in Russia have reached a stage of relative maturity, but at the same time the sector has been facing serious problems limiting its further development. The paper emphasizes that in the situation of economic crisis there should be a larger role for independent expertise in supporting development of new economic policies. However, the potential of Russian think tanks could be utilized effectively only if there is a change in the current composition of demand for expertise, to be driven by emergence of new stakeholders who are interested in quality policy research. To maintain professional standards and promote high quality of expertise, collective actions of think tanks themselves are equally important. The paper relies on the results of two surveys of Russian think tanks, undertaken in 2012-2013 and 2015, and also on the interviews with a group of their managers.
The article contributes to better understanding of how much intra BRICS's trade complementarity may extend export growth opportunities. The nature of BRICS countries complementarity is derived from global value added chains, which, in turn, are driven by growing technological content of export. The estimations made for enlarged blocks of variables of extensive export growth among BRICS have revealed that China leverages intra BRICS trade insofar it may complement its export. Brazil and Russia do it in order to substitute weak external demand. For Russia and South Africa estimations have proved extreme influence of external markets and their sentiments. Decomposition of variables to the most competitive and complementary HS subpositions of trade among BRICS (they are mineral fuel, ores and precious metal and stones, electrical, electronic equipment) help reveal that world demand and BRICS demand influence BRICS's export divergently. But their statistically insignificant regression coefficients confirm the hypothesis that BRICS's bilateral export markets are shallow and vulnerable. So, to enrich intra BRICS trade they need broaden trade flows widening their product mix and deepening technological content.
The article discusses the features and stages of institutionalization of BRICS that becomes a real player in world politics and economics. There are 4 models of further institutionalization of BRICS, which will be combined with each other. A promising model that involves the creation of new BRICS institutions, providing a multiple effect on the development of the association, is noted. Among such institutions BRICS Bank for International Settlements and the Free Trade and Investments Zone of BRICS are offered.
Balatsky Evgeny, Ekimova Natalia
The article presents the results of the rating of Russian economic journals, the methodology of which is based on a combination of bibliometric data and expert interviews. Processing of the statistical information system of Russian science citation index (RINC) allows us to form a “primary” list of the best journals in the country. Expert evaluation of the list makes it possible to reorganize it with regard to the scientific level of periodicals and get the “secondary” list. The merger of two ranking systems forms the basis of obtaining the final ranking of economic journals. It is shown that the leading part of the constructed rating forms a kind of the Diamond List of journals, which on the whole agrees with similar lists obtained in earlier studies by other authors.
Based on the razdatok economy theory, this review article answers the question why, after twenty years of market transformations of housing sector in Russia, razdatok principles emerge in the new housing programs again. The book by S. Harris explores the housing razdatok in all phases of the Soviet cycle, tracing the roots of the housing policy of “thaw” and focusing on the mass resettlement of citizens in the khrushchevka's. J. Zaviska in her book examines the problem of transformation of the housing razdatok in the post-Soviet period and its turning into “property without markets.” Taken together, these monographs provide valuable insights on the two typical housing models in Russia.
The article deals with Russian traditions of studies of foreign countries which have become an intellectual pillar for Russian economic expertise. The modern application of experience of Soviet scientific schools in international studies is shown, especially in the fields of world development forecasts, analysis of Russian foreign economic relations and research of economic policy abroad. The article is based on open sources with publications, reports and presentations about expert and analytical activities of the Institute of World Economy and International Relations (IMEMO) and other institutes of the Russian Academy of Sciences, VNIKI-Institute, MGIMO-University and some other centers. It is explained that results of international studies have become a necessary element for consulting of governmental bodies and businessmen in the epoch of globalization.
The article asks which human qualities can serve as the base for a liberal economic policy. The author is looking for an answer to this question in the classical works of economic liberalism - in the books by F. Bastiat, L. von Mises, F. von Hayek, W. Eucken, and M. Friedman. The two main qualities can be summarized as follows: the relatively high rank of freedom among human values and rational utilitarian calculus. It is assumed that in those countries where the both human prerequisites are present the liberal policy (for instance, liberal reforms) can be self-supportive and may have good results. On the contrary, if the first prerequisite is missing and a liberal policy can be based only on rational calculus, the “paternalistic” liberalism prevails and chances for success are much smaller.